456.1-103. Definitions.

MISSOURI STATUTES AND CODES

Definitions.

456.1-103. In sections 456.1-101 to 456.11-1106:

(1) "Action," with respect to an act of a trustee, includes a failureto act;

(2) "Ascertainable standard" means a standard relating to anindividual's health, education, support, or maintenance within the meaningof Section 2041(b)(1)(A) or Section 2541(c)(1) of the Internal RevenueCode;

(3) "Beneficiary" means a person that:

(a) has a present or future beneficial interest in a trust, vested orcontingent; or

(b) in a capacity other than that of trustee, holds a power ofappointment over trust property;

(4) "Charitable trust" means a trust, or portion of a trust, createdfor a charitable purpose described in subsection 1 of section 456.4-405;

(5) "Conservator" means a person described in subdivision (3) ofsection 475.010, RSMo. This term does not include a conservator ad litem;

(6) "Conservator ad litem" means a person appointed by the courtpursuant to the provisions of section 475.097, RSMo;

(7) "Environmental law" means a federal, state, or local law, rule,regulation, or ordinance relating to protection of the environment;

(8) "Financial institution" means a non-foreign bank, savings andloan or trust company chartered, regulated and supervised by the Missouridivision of finance, the office of the comptroller of the currency, theoffice of thrift supervision, the National Credit Union Administration, orthe Missouri division of credit union supervision. The term "non-foreignbank" shall mean a bank that is not a foreign bank within the meaning ofsubdivision (1) of section 361.005, RSMo;

(9) "Guardian" means a person described in subdivision (6) of section475.010, RSMo. The term does not include a guardian ad litem;

(10) "Interested persons" include beneficiaries and any others havinga property right in or claim against a trust estate which may be affectedby a judicial proceeding. It also includes fiduciaries and other personsrepresenting interested persons. The meaning as it relates to particularpersons may vary from time to time and must be determined according to theparticular purposes of, and matter involved in, any proceeding;

(11) "Interests of the beneficiaries" means the beneficial interestsprovided in the terms of the trust;

(12) "Internal Revenue Code" means the United States Internal RevenueCode of 1986, as in effect on January 1, 2005, or as later amended;

(13) "Jurisdiction," with respect to a geographic area, includes astate or country;

(14) "Person" means an individual, corporation, business trust,estate, trust, partnership, limited liability company, association, jointventure, government; governmental subdivision, agency, or instrumentality;public corporation, or any other legal or commercial entity;

(15) "Permissible distributee" means a beneficiary who is currentlyeligible to receive distributions of trust income or principal, whethermandatory or discretionary;

(16) "Power of withdrawal" means a presently exercisable power of abeneficiary to withdraw assets from the trust without the consent of thetrustee or any other person;

(17) "Principal place of administration" of a trust is the trustee'susual place of business where the records pertaining to the trust are kept,or the trustee's residence if the trustee has no such place of business,unless otherwise designated by the terms of the trust as provided insection 456.1-108. In the case of cotrustees, the principal place ofadministration is, in the following order of priority:

(a) The usual place of business of the corporate trustee if there isbut one corporate cotrustee;

(b) The usual place of business or residence of the trustee who is aprofessional fiduciary if there is but one such trustee and no corporatecotrustee; or

(18) "Professional fiduciary" means an individual who representshimself or herself to the public as having specialized training, experienceor skills in the administration of trusts;

(19) "Property" means anything that may be the subject of ownership,whether real or personal, legal or equitable, or any interest therein;

(20) "Qualified beneficiary" means a beneficiary who, on the date thebeneficiary's qualification is determined:

(a) is a permissible distributee;

(b) would be a permissible distributee if the interests of thepermissible distributees described in paragraph (a) of this subdivisionterminated on that date; or

(21) "Record" means information that is inscribed on a tangiblemedium or that is stored in an electronic or other medium and isretrievable in perceivable form;

(22) "Revocable," as applied to a trust, means that the settlor hasthe legal power to revoke the trust without the consent of the trustee or aperson holding an adverse interest, regardless of whether the settlor hasthe mental capacity to do so in fact;

(23) "Settlor" means a person, including a testator, who creates, orcontributes property to, a trust. If more than one person creates orcontributes property to a trust, each person is a settlor of the portion ofthe trust property attributable to that person's contribution except to theextent another person has the power to revoke or withdraw that portionpursuant to the terms of the trust;

(24) "Sign" means, with present intent to authenticate or adopt arecord:

(a) to execute or adopt a tangible symbol; or

(b) to attach to or logically associate with the record an electronicsound, symbol, or process;

(25) "Spendthrift provision" means a term of a trust which restrainseither the voluntary or involuntary transfer or both the voluntary andinvoluntary transfer of a beneficiary's interest;

(26) "State" means a state of the United States, the District ofColumbia, Puerto Rico, the United States Virgin Islands, or any territoryor insular possession subject to the jurisdiction of the United States.The term includes an Indian tribe or band recognized by federal law orformally acknowledged by a state;

(27) "Terms of a trust" means the manifestation of the settlor'sintent regarding a trust's provisions as expressed in the trust instrumentor as may be established by other evidence that would be admissible in ajudicial proceeding;

(28) "Trust instrument" means an instrument executed by the settlorthat contains terms of the trust, including any amendments thereto;

(29) "Trustee" includes an original, additional, and successortrustee, and a cotrustee.